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Incomes not included in total income [Clause (1) to Clause (10D)]
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....ined in any other law, be an amount which bears to the total income of the firm the same proportion as the amount of his share in the profits of the firm in accordance with the partnership deed bears to such profits ;] (3) ^3[****] ^4[(4) (i) in the case of a non-resident, any income by way of interest on such securities or bonds as the Central Government may, by notification in the Official Gazette, specify in this behalf, including income by way of premium on the redemption of such bonds : ^5[Provided that the Central Government shall not specify, for the purposes of this sub-clause, such securities or bonds on or after the 1st day of June, 2002;] ^6[(ii) in the case of an individual, any income by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with ^83[the Foreign Exchange Management Act, 1999 (42 of 1999)], and the rules made thereunder : Provided that such individual is a person resident outside India as defined in ^88[clause (w)] of section 2 of the said Act or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Acc....
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....butable to units held by non-resident (not being the permanent establishment of a non-resident in India) ^94[or is attributable to the investment division of offshore banking unit, as the case may be,] computed in the prescribed manner]. Explanation:-For the purposes of this clause, the expression- (a) "convertible foreign exchange" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder; ^95[(aa) "investment division of offshore banking unit" means an investment division of a banking unit of a non-resident located in an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA and which has commenced its operations on or before the 31st day of March, ^122[2030].] (b) "manager" shall have the meaning assigned to it in clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.); ^....
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....een-- (I) granted a certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.) and which has commenced its operations on or before the 31st day of March, ^124[2030]; and (II) fulfils such conditions including maintenance of separate accounts for its investment division, as may be prescribed;] (d) "sponsor" shall have the meaning assigned to it in clause (w) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.); (e) "trust" means a trust established under the Indian Trusts Act, 1882 (2 of 1882.) or under any other law for the time being in force; (f) "unit" means beneficial interest of an investor in the fund and shall include shares or partnership interest;] ^97[^113[(4E) any income accrued or arisen to, or received by a non-resident as a result of- (i) transfer of non-deliverable f....
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....019 (50 of 2019); (4H) any income of a non-resident or a Unit of an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, engaged primarily in the business of leasing of an ^129[aircraft or a ship], by way of capital gains arising from the transfer of equity shares of domestic company, being a Unit of an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, engaged primarily in the business of leasing of an ^129A[aircraft or a ship] which has commenced operations on or before the 31st day of March, ^130[2030]: Provided that the provisions of this clause shall apply for capital gains arising from the transfer of equity shares of such domestic company in a previous year relevant to an assessment year falling within the- (a) period of ten assessment years beginning with the assessment year relevant to the previous year in which the domestic company has commenced operations; or (b) period of ten assessment years beginning with the assessment year commencing on the 1st day of April, 2024, where the period referred to in clause (a) ends before the 1st day of April, 2034. ....
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....m as an official, by whatever name called, of an embassy, high commission, legation, commission, consulate or the trade representation of a foreign State, or as a member of the staff of any of these officials, for service in such capacity : Provided that the remuneration received by him as a trade commissioner or other official representative in India of the Government of a foreign State (not holding office as such in an honorary capacity), or as a member of the staff of any of those officials, shall be exempt only if the remuneration of the corresponding officials or, as the case may be, members of the staff, if any, of the Government resident for similar purposes in the country concerned enjoys a similar exemption in that country : Provided further that such members of the staff are subjects of the country represented and are not engaged in any business or profession or employment in India otherwise than as members of such staff ;] (iii) ^14[****] (iv) ^14[****] (v) ^14[****] (vi) the remuneration received by him as an employee of a foreign enterprise for services rendered by him during his stay in India, provid....
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.... other case, the agreement is approved by the Central Government, the tax on such income is payable, under the terms of the agreement, by Government or the Indian concern to the Central Government, the tax so paid]. Explanation.-For the purposes of this clause ^24[and clause (6B)],- (a) "fees for technical services" shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9 ; (b) "foreign company" shall have the same meaning as in section 80B ; (c) "royalty" shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9;] ^25[(6B) where in the case of a non-resident (not being a company) or of a foreign company deriving income (not being salary, royalty or fees for technical services) from Government or an Indian concern in pursuance of an agreement entered into ^26[before the 1st day of June, 2002] by the Central Government with the Government of a foreign State or an international organisation, the tax on such income is payable by Government or the Indian concern to the Central Government under the terms of that agreement or any other rela....
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....ncome or social security tax to the Government of that foreign State ; ^108[Provided that nothing contained in this clause shall apply to such remuneration and income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023;] ^33[(8A) in the case of a consultant- (a) any remuneration or fee received by him or it, directly or indirectly, out of the funds made available to an international organisation [hereafter referred to in this clause and clause (8B) as the agency] under a technical assistance grant agreement between the agency and the Government of a foreign State ; and (b) any other income which accrues or arises to him or it outside India, and is not deemed to accrue or arise in India, in respect of which such consultant is required to pay any income or social security tax to the Government of the country of his or its origin. ^109[Provided that nothing contained in this clause shall apply to such remuneration, fee and income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023.] Explanation.-In this clause, "consultant" means- ....
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....contained in this clause shall apply to such income of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2023;] ^36[(10) (i) any death-cum-retirement gratuity received under the revised Pension Rules of the Central Government or, as the case may be, the Central Civil Services (Pension) Rules, 1972, or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority or any payment of retiring gratuity received under the Pension Code or Regulations applicable to the members of the defence services ; (ii) any gratuity received under the Payment of Gratuity Act, 1972 (39 of 1972), to the extent it does not exceed an amount calculated in accordance with the provisions of sub-sections (2) and (3) of section 4 of that Act ; (iii) any other gratuity received by an employee on his r....
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....tent it does not exceed- (a) in a case where the employee receives any gratuity, the commuted value of one-third of the pension which he is normally entitled to receive, and (b) in any other case, the commuted value of one-half of such pension, such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality ; ^44[****] ^45[(iii) any payment in commutation of pension received from a fund under clause (23AAB) ;] ^46[(10AA) (i) any payment received by an employee of the Central Government or a State Government as the cash equivalent of the leave salary in respect of the period of earned leave at his credit at the time of his retirement ^47[whether] on superannuation or otherwise ; (ii) any payment of the nature referred to in sub-clause (i) received by an employee, other than an employee of the Central Government or a State Government, in respect of so much of the period of earned leave at his credit at the time of his retirement ^48[whether] on superannuation or otherwise as does not exceed ^49[ten] months, calculat....
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....y, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevant circumstances, approve in this behalf.] Explanation.-For the purposes of this clause- (a) compensation received by a workman at the time of the closing down of the undertaking in which he is employed shall be deemed to be compensation received at the time of his retrenchment ; (b) compensation received by a workman, at the time of the transfer (whether by agreement or by operation of law) of the ownership or management of the undertaking in which he is employed from the employer in relation to that undertaking to a new employer, shall be deemed to be compensation received at the time of his retrenchment if- (i) the service of the workman has been interrupted by such transfer ; or (ii) the terms and conditions of service applicable to the workman after such transfer are in any way less favourable to the workman than those applicable to him immediately before the transfer ; or (iii) the new employer is, under the terms of such transfer or otherwise, legally not liable to pay to the workman....
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....pecify in this behalf,] ^69[on his] ^70[voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i), a scheme of voluntary separation, to the extent such amount does not exceed five lakh rupees] : Provided that the schemes of the said companies or authorities ^71[or societies or Universities or the Institutes referred to in sub-clauses (vii) and (viii)], as the case may be, governing the payment of such amount are framed in accordance with such guidelines (including inter alia criteria of economic viability) as may be prescribed ^72[***] : Provided further that where exemption has been allowed to an employee under this clause for any assessment year, no exemption thereunder shall be allowed to him in relation to any other assessment year ;] ^76[Provided also that where any relief has been allowed to an assessee under section 89 for any assessment year in respect of any amount received or receivable on his voluntary retirement or termination of service or voluntary separation, no exemption under this clause sha....
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.... amount of premium payable for any of the previous year during the term of such policy exceeds two lakh and fifty thousand rupees: Provided also that if the premium is payable, by a person, for more than one unit linked insurance policies, issued on or after the 1st day of February, 2021, the provisions of this clause shall apply only with respect to those unit linked insurance policies, where the aggregate amount of premium does not exceed the amount referred to in fourth proviso in any of the previous year during the term of any of those policies: ^116[Provided also that nothing contained in this clause shall apply with respect to any life insurance policy, other than a unit linked insurance policy, issued on or after the 1st day of April, 2023, if the amount of premium payable for any of the previous years during the term of such policy exceeds five lakh rupees: Provided also that if the premium is payable by a person for more than one life insurance policy, other than unit linked insurance policy, issued on or after the 1st day of April, 2023, the provisions of this clause shall apply only with respect to those life insurance policies, other than unit....
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....ed by the Insurance Regulatory and Development Authority under the Insurance Act, 1938 (4 of 1938) and the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999.);] **************** NOTES:- 1. Inserted vide Section 3 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 2. Inserted vide Section 4 of the Finance Act, 1992 w.e.f. 01-04-1993 Earlier, Inserted vide Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 And was Omitted vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 before it was read as, "(2A) in the case of a person being a partner of a firm which is assessed as such, his share in the total income of the firm. Explanation .- For the purposes of this clause, the share of a partner in the total income of a firm assessed as such shall, notwithstanding anything contained in any other law, be an amount which bears to the total income of the firm the same proportion as the amount of his share in the profits of the firm in accordance with the partnership deed bears to such profits;" 3. Omitted vide Section 4 of the ....
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.... (4A) in the case of a person resident outside India, any income from interest on moneys standing to his credit in a Non-resident (External) Account in any bank in India in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973), and any rules made thereunder. Explanation : In this clause, "person resident outside India" shall have the meaning assigned to it in clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973);" Earlier, Amended vide Section 6 of the Finance Act, 1964 w.e.f. 01-04-1964 And was Inserted vide Section 6 of the Finance Act, 1965 w.e.f. 01-04-1965 And was amended vide Third Schedule of the Finance Act, 1968 w.e.f. 01-04-1969 And was amended vide Section 4 of the Finance Act, 1982 w.e.f. 01-04-1982 5. Inserted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 6. Substituted vide Section 5 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1991 before it was read as, "(ii) in the case of an individual, who is a person resident outside India as defined in clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973 (4....
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....family", in relation to an individual, means- (i) the spouse and children of the individual; and (ii) the parents, brothers and sisters of the individual or any of them, wholly or mainly dependent on the individual." Earlier, Substituted vide Section 3 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1962 before it was read as, "(5) subject to such conditions as the Central Government may prescribe, the value of any travel concession or assistance received by or due to any person, being a citizen of India, from his employer for himself, his wife and children, in connection with his proceeding on leave to his home-district in India;" And was amended vide Section 3 of the Finance Act, 1975 w.e.f. 01-04-1975, And was Substituted vide Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(5) subject to such conditions as the Central Government may prescribe, in the case of an individual being a citizen of India,\ (i) in relation to any assessment year not being an assessment year commencing after the 1st day of April, 1970, the value of an....
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....4-1982 12. Omitted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 before it was read as, "(5B) in the case of an individual who renders services as a technician in the employment (commencing from a date after the 31st day of March, 1993) of the Government or of a local authority or of any corporation set up under any special law or of any such institution or body established in India for carrying on scientific research as is approved for the purposes of this clause by the prescribed authority or in any business carried on in India and the individual was not resident in India in any of the four financial years immediately preceding the financial year in which he arrived in India and the tax on his income for such services chargeable under the head "Salaries" is paid to the Central Government by the employer [which tax, in the case of an employer, being a company, may be paid notwithstanding anything contained in section 200 of the Companies Act, 1956 (1 of 1956)], the tax so paid by the employer for a period not exceeding forty-eight months commencing from the date of his arrival in India : Provided that the Central Government ma....
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....leave out of India;" And was Amended vide Section 5 of the Finance (No. 2) Act, 1977 w.e.f. 01-04-1972 And was Amended vide Section 5 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 14. Substituted vide Section 4 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, "(ii) the remuneration received by him as ambassador, high commissioner, envoy, minister, charged' affaires, commissioner, counsellor or the secretary, adviser or attached of an embassy, high commission, legation or commission of a foreign State, for service in such capacity; (ii) the remuneration received by him as a consul decarriere, whether called a consul-general, consul, viceconsul, consular agent, pro-consul or by any other name, of a foreign State for service in such capacity; (iv) the remuneration received by him as a trade commissioner or other official representative in India of the Government of a foreign State (not holding office as such in an honorary capacity), if the remuneration of the corresponding officials, if any, of the Government resident for similar purposes in the country concerned enjoys a similar exemption in that cou....
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....y him during the thirty-six months commencing from the date of his arrival in India, and where any such person continues with the approval of the Central Government obtained before the 1st day of October of the relevant assessment year to remain in employment in India after the expiry of the thirty-six months aforesaid and the tax on his income chargeable under the head "Salaries" is paid by the employer to the Central Government (which tax in the case of an employer being a company may be paid notwithstanding anything contained in section 200 of the Companies Act, 1956 (1 of 1956)) the tax so paid by the employer for a period not exceeding sixty months following the expiry of the thirty-six months aforesaid; (b) in any other case, not being the case of a technician who has special knowledge and experience in industrial or business management techniques, such remuneration due to or received by him for the period of three hundred and sixty-five days in all commencing from the date of his arrival in India. Explanation.- 'For the purposes of this sub-clause, "technician" means a person having specialised knowledge and experience in- (i) constructional or man....
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....his income chargeable under the head "Salaries" is paid to the Central Government by the employer [which tax, in the case of an employer, being a company, may be paid notwithstanding anything contained in section 200 of the Companies Act, 1956 (1 of 1956)], the tax so paid by the employer for a period not exceeding twenty-four months next following the expiry of the first-mentioned twenty-four months ; (II) where such services commence from a date after the 31st day of March, 1988 but before the 1st day of April, 1993, and tax on his income chargeable under the head "Salaries" is paid to the Central Government by the employer [which tax, in the case of an employer, being a company, may be paid notwithstanding anything contained in section 200 of the Companies Act, 1956 (1 of 1956)], the tax so paid by the employer for a period not exceeding forty-eight months commencing from the date of his arrival in India : Provided that the Central Government may, if it considers it necessary or expedient in the public interest so to do, waive the condition relating to non-residence in India as specified in this sub-clause in the case of any individual who is employed in India ....
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....any of the four financial years immediately preceding the financial year in which he arrived in India ; and (ii) his contract of service is approved by the Central Government- (a) on or before the 1st day of October, 1964, in the case of a professor or other teacher whose service commenced before the 1st day of April, 1964 ; (b) before the commencement of his service or within one year of such commencement, in any other case ;" Earlier, Inserted vide Section 6 of the Finance Act, 1964 w.e.f. 1-4-1964 19. Omitted vide Section 5 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 before it was read as, "(x) any sum due to or received by him, during the twenty-four months commencing from the date of his arrival in India, for undertaking any research work in India, provided the following conditions are fulfilled, namely :- (a) the research work is undertaken in connection with a research scheme approved in this behalf by the Central Government on or before the 1st day of October of the relevant assessment year ; and (b) such sum is payable or paid directly or indirectly by the Government of a foreign State....
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....tion 3 of the Finance Act, 1974 w.e.f. 01-04-1975 before it was read as, "(10) any death-cum-retirement gratuity received under the revised Pension Rules of the Central Government or, as the case may be, the Central Civil Services (Pension) Rules, 1972 or under any similar scheme applicable to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the civil services of a State or holders of civil posts under a Stale or to the employees of a local authority or any payment of retiring gratuity received after the first day of June, 1953, under the new Pension Code applicable to the members of the Defence Services ; any other gratuity received by an employee on his retirement or on his becoming incapacitated prior to such retirement or on termination of his employment, or any gratuity received by his widow, children or dependants on his death, to the extent it does not, in either case, exceed one-half month's salary for each year of completed service, calculated on t....
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....ees", at the three places where they occur, the words "thirty thousand rupees" had been substituted." Earlier, Inserted vide Section 5 of the Finance Act, 1983 w.e.f. 01-04-1982 41. Substituted Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "In this clause" 42. Inserted vide Section 3 of the Finance (No. 2) Act, 1965 w.e.f. 01-04-1962 43. Substituted vide Section 3 of the Finance Act, 1974 w.e.f. 01-04-1962 before it was read as, "to the members of the Defence Services or to the employees of a State Government, a local authority" 44. Omitted vide Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "Provided that the maximum limit of payment specified in sub-clause (ii) (a) or sub-clause (ii) (b) shall not apply in respect of any such payment made before the 19th day of August, 1965;" 45. Inserted vide Section 4 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 46. Inserted vide Section 4 of the Finance Act, 1982 w.e.f. 01-04-1978 47. ....
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....-1986 before it was read as, "(ii) "salary" shall have the meaning assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule;" 57. Inserted vide Section 3 of the Finance Act, 1975 w.e.f. 01-04-1976 58. Substituted vide Section 4 of the Finance Act, 1985 w.e.f. 01-04-1986 before it was read as, "at the time of his retrenchment, to the extent such compensation does not exceed- (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947) ; or (ii) twenty thousand rupees, whichever is less." 59. Substituted vide Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(ii) fifty thousand rupees, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevan....
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....es of voluntary retirement, to the extent such amount does not exceed five lakh rupees" 71. Inserted vide Section 6 of the Finance Act, 1994 w.e.f. 01-04-1995 72. Omitted vide Section 5 of the Finance Act, 2000 w.e.f. 01-04-2001 before it was read as, "and such schemes in relation to companies referred to in sub-clause (ii) or co-operative societies referred to in sub-clause (v) are approved by the Chief Commissioner or, as the case may be, Director-General in this behalf" Earlier, Amended vide Section 6 of the Finance Act, 1994 w.e.f. 01-04-1995 73. Inserted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 74. Substituted vide Section 6 of the Finance Act, 2003 w.e.f. 01-04-2004 before it was read as, "(10D) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy other than any sum received under sub-section (3) of section 80DDA or under a Keyman insurance policy. Explanation.-For the purposes of this clause, "Keyman insurance policy" means a life insurance policy taken by a person on the life of another....
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....e (No. 2) Act, 2019 w.e.f. 01-04-2020 92. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021 before it was read as, "convertible foreign exchange, to the extent such income accrued or arisen to, or is received in respect of units held by a non-resident" 93. Inserted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021 94. Inserted vide Section 6 of the Finance Act, 2021 dated 28-03-2021 w.e.f. 01-04-2022 95. Inserted vide Section 6 of the Finance Act, 2021 dated 28-03-2021 w.e.f. 01-04-2022 96. Substituted vide Section 6 of the Finance Act, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as, "(c) "specified fund" means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate,- (i) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securi....
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.... to, or received by a non-resident as a result of transfer of non-deliverable forward contracts ^104[or offshore derivative instruments or over-the-counter derivatives,] entered into with an offshore banking unit of an International Financial Services Centre as referred to in sub-section (1A) of section 80LA, which fulfils such conditions as may be prescribed;" 114. Substituted vide Section 5 of the Finance Act, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, "^107[(4G) any income received by a non-resident from portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of such non-resident, in an account maintained with an Offshore Banking Unit in any International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India. Explanation.-For the purposes of this clause, "portfolio manager" shall have the same meaning as assigned to it in clause (z) of sub-regulation (1) of regulation (2) of the International Financial Services Centres Authority (Capital Marke....